On the order of the Schur multiplier of $p$-groups

We give a bound on the order of the Schur multiplier of $p$-groups refining earlier bounds. As an application we complete the classification of groups having Schur multiplier of maximum order. Finally we prove that the order of the Schur multiplier of a finite $p$-group of maximal class and order $p^n$ is at most $p^{\frac{n}{2}}$.